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Quicken Loans, originally named by the Intuit Company, is a mortgage lender with an A+ rating from the Better Business Bureau. The company operates with a strong Internet presence as well as corporate offices in several states. Quicken Loans claims to have financed over $29 billion in loans in 2010 alone. Like any corporation, they are not without blemishes on their record, but they also have a stable history and accolades to support the operation.

History

Quicken Loans was originally founded as Rock Financial Corporation in 1985, becoming Quicken Loans in 1999. The company has four office locations in Michigan, including one in Detroit and one in Farmington Hills. There are also offices in Cleveland, Ohio and Scottsdale, Arizona. Residents of all 50 states are eligible to apply for Quicken Loans services.

Services Offered

The company offers many home financing options including fixed-rate mortgages, reverse mortgages, FHA loans and VA programs. The "YOURgage" plan offered allows you to customize your loan terms, selecting the term, loan percentage and other specifics that work best for you. In 2007, Quicken Loans stopped offering second mortgages, home equity lines of credit and deferred interest loans in response to the mortgage crisis and bank funding struggles.

Awards and Recognitions

Quicken Loans has been included the top 30 of Fortune Magazine's "100 Best Companies to Work For" list since 2003. In 2008, the company reached number two on the list, second to Google. Computerworld Magazine ranked Quicken Loans in their "100 Best Companies to Work For in Technology," taking the first spot in 2005, 2006 and 2007.

Lawsuit

In February, 2010, Quicken Loans was ordered to pay $2.7 million for punitive damage as well as $600,000 for legal fees related to a case in West Virginia where it was claimed that they defrauded a woman using an inflated home valuation. In early 2011, a group of former employees filed suit accusing Quicken Loans of forcing them to work overtime without adequate compensation and requiring them to participate in predatory lending practices. Quicken Loans was victorious in this case, with no findings of improper practices.

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About the Author

Tara Kimball is a former accounting professional with more than 10 years of experience in corporate finance and small business accounting. She has also worked in desktop support and network management. Her articles have appeared in various online publications.